European natural gas prices exceed 100 euros per megawatt-hour as supply disruptions and cold weather expectations resonate.

智通财经2026/10/29 09:06

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European natural gas prices continued to rise on Wednesday, with the TTF settlement price increasing by 4.85%, surpassing €100 per megawatt hour for the first time since 2022.
There are currently no signs of a short-term easing in liquefied natural gas flows from the Persian Gulf. The market remains alert to the risk that the US may take renewed action against Iran after next week’s US midterm elections. Qatar Energy has reportedly extended force majeure declarations for several buyers until the end of the year.
Unplanned outages at several Norwegian facilities have further intensified supply concerns, while forecasts indicate that northwest Europe will experience colder-than-usual weather next week, boosting heating demand.
The EU’s natural gas storage fill rate is slightly below 75%, with several days of withdrawals already taking place in October, but the winter drawdown has not fully begun yet.
The key question is whether high prices will suppress demand. The electricity market has already deeply shifted from gas to coal, and there are also signs of weakening industrial demand.
Chemical company Yara recently reported cutting ammonia production in Europe due to high gas prices. Its European natural gas consumption fell by over 7% year-on-year in the third quarter of 2026, and this trend is expected to spread across European industry.
Driven by the surge in gas prices, investment funds increased their net long position in TTF by 14.3 terawatt hours to 207.4 terawatt hours in the latest reporting week. New buying has pushed the total long position up by more than 20 terawatt hours, while total shorts have also edged higher.

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European natural gas prices exceed 100 euros per megawatt-hour as supply disruptions and cold weather expectations resonate.

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